El Salvador Buys More Bitcoin: 420 BTC Added to Treasury – News Bitcoin News


El Salvador Buys More Bitcoin: 420 BTC Added to Treasury

El Salvador, the country that made bitcoin legal tender alongside the U.S. dollar, has bought the dip again. The Salvadoran government has purchased a total of 1,120 bitcoins, currently worth more than $68 million.

El Salvador’s Bitcoin Holdings Grow

El Salvador has bought the dip again, taking advantage of the falling price of bitcoin on Wednesday. President Nayib Bukele tweeted: “It was a long wait, but worth it. We just bought the dip.”

El Salvador Buys More Bitcoin: 420 BTC Added to Treasury

At the time of writing, the price of bitcoin is $61,129, down from an all-time high of almost $67,000 on Oct. 19 based on data from Bitcoin.com Markets.

The country made bitcoin legal tender alongside the U.S. dollar on Sept. 7. At the time, the price of BTC was around $46,000.

The day before its Bitcoin law went into effect, El Salvador purchased two sets of 200 bitcoins. On Sept. 7, the price fell slightly, allowing the country to buy the dip (150 BTC). On Sept. 20, Bukeke said his country bought the dip again (150 more BTC), adding, “El Salvador now holds 700 coins.”

With 420 new coins, El Salvador has purchased a total of 1,120 BTC, worth more than $68.5 million at the time of writing.

Tags in this story
bitcoin legal tender, Bitcoin Price, buy the dip, buying bitcoin, El Salvador, el salvador bitcoin, El Salvador’s bitcoin, Nayib Bukele

What do you think about El Salvador repeatedly buying the dip? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer
Show comments